

TRANSACTIONS OF THE SECTIONS. 117 
currency until it was restored by Sir Robert Peel’s Act of 1819—the Professor stated 
that the last cause of depreciation of the value was the one with which they had 
then to deal, from the recent discoveries of gold in Australia and California. When 
the large discoveries of gold and silver took place in South America there prices fell 
considerably in value; but though the Government took the matter into serious 
consideration, they were unable to find any remedy for the depreciation in the value 
of the precious metals arising from their excessive supply, though it caused great 
confusion in the carrying on of all descriptions of trade, and the collection of tax- 
ation. He was of opinion, notwithstanding the theoretical opinions of many writers, 
that from the parallel of what took place when the South American mines were 
discovered, the gold, if depreciated in value, would cause great confusion in the 
country; and he would therefore suggest that silver, which did not appear likely 
to be depreciated, should be taken as the standard of value. Should, however, silver 
also be depreciated, there ought to be a scientific inquiry to see whether, from some 
combination of metals, a standard of value might not be found which would have 
the same effect with regard to the commerce, &c. of the country as the compensating 
pendulum had with regard to time. 

Are there any Impediments to the Competition of Free Labour with Slave 
Labour in the West Indies? By Professor HAncock. 
The principal conclusions to which Prof. Hancock came were,—1. That, as a con- 
clusion of moral philosophy, it was shameful to maintain slavery for a single hour. 
2.That, as a conclusion of pclitical economy, emancipation should be immediate, and 
not gradual. This position Prof. Hancock proved by the history of the emancipation 
in the West Indies, where the apprenticeship system turned out a failure; and re- 
marked that, where emancipation cannot be immediate, it is the duty of those who 
see that the change is inevitable to make such previous arrangements that the deve- 
lopment of free labour may arise as soon as possible. 3. That auxiliary measures, 
such as education, reform in the courts of law, especially respecting the tenure and 
sale of land, are essential in order that the blessings of emancipation may be exhibited 
on the community at large. Prof. Hancock showed that these auxiliary precautions 
had not been taken. Grants had sometimes been made in favour of education, but 
as soon as any pressure came they were withdrawn. He also dwelt on the im~- 
portance of permanently fixing the law of property in land. 4. That the loss of 
property consequent on emancipation should not be thrown on the slaveholders, but 
on the community at large, inasmuch as the whole British people had been respon- 
sible for slavery. Accordingly, the slave-owners were compensated, partly in money, 
and partly in differential duties which had not yet quite ceased. 5. That free labour 
requires no protection to enable it to compete with slave labour. In slavery there 
was not the same division of labour as in freedom. Again, the invention of machines 
proceeded from free labour, freemen desiring to ceconomize labour. The consequence 
was, that more labour was wasted in slavery than in freedom to produce equal re- 
sults. If free labour could not compete successfully with slave labour, he feared that 
the moral question would be in great danger. 6. That the allegations about the negroes 
in the West Indies demanding too high wages are untrue, and the imputations on 
their character unfounded. It turned out, when inquiries were made into the facts, 
that wages were very low; and Prof. Hancock quoted authorities to show, that 
wages were at such rates as 6d., 4d., and 3d. per day, so that if the negroes had not 
provision grounds, they would often be in great straits. 7. That the state of the 
West Indies did not show the impracticability of free labour competing with slavery, 
but shows, on the contrary, the folly of the laws which have been passed by the 
Colonial Legislatures, the folly of the short-sighted selfishness of the planters, and 
the folly of those philanthropists who, instead of seeking the removal of those laws, 
demand a monopoly for the planters. In arguing this head at length, Prof. Hancock 
touched upon the following points :—the bankrupt state of the West India proprie- 
tors before the emancipation—the evils of the Coolie immigration—the unjust taxes 
on the labouring classes in the West Indies—the unfair restrictions on their progress 
—the system of oppressive laws by which a labourer is condemned where a pro- 
prietor escapes—and the unsatisfactory tenure of land in the matter of summary 
